Collector car insurance

[IH2LOSE]

So I always say if you have a collector car and use it as a collector car it must have Ageed Value Coverage

and if your Declaration page doesnt say Agreed Value then you not properley insured

So Friday I get my collector car policy in the mail (the re-nual was the first of March a little late) and open it up first page is my 62 and the top of the page says SPECIALTY VECHICLE as I scan the page I notice it says "Insurance amount" and then the value of the car , I also notice it has a 1000 comp deductabel and a 1000 collision deductable .it also say page 1 of 2

Go to the next page this one now says Antique auto policy

and states Agreed Value coverage and has the proper amounts

So I call Condon Skelly (my policy) and question why NO agreed value

She then say it is

I asked her to fax over to me where it says agreed value. She then points me to my policy and says its in there,So I read my policy front to back and it actually reads as a stated value/acv policy. I call her back and I question her on the page and paragraph that says amount of insurance means Agreed value, She then explains she is in the claims department and allthough she can find it now she knows as a fact its an agreed value policy. She speaks to a supervisor who then explains on the second page of the dec page there is an endorsment "NY160" witch is what actually means the entire policy is an agreed value policy

So now I am waiting for a copy of the "NY160" endorsement That could not be faxed or emailed to me they had to mail it out

Now I understand why folks with other then Agreed Value Coverage cant get a straight answer from the insurance company

As of now I feel my 62 does not have agreed value coverage on it, I told them I will wait till I get a copy of the "NY160" and if it definatively does not state its Agreed Value coverage I will be getting a new policy with Hagerty

Does anybody have a copy or know what the endorsement is ?

I pulled out all of the other policies from previous years and they all stated agreed value

Wish me Luck

PS

You should all be checking your policies incase they changed the verbage on your policy

 

[firstgear]

So I always say if you have a collector car and use it as a collector car it must have Ageed Value Coverage

and if your Declaration page doesnt say Agreed Value then you not properley insured

So Friday I get my collector car policy in the mail (the re-nual was the first of March a little late) and open it up first page is my 62 and the top of the page says SPECIALTY VECHICLE as I scan the page I notice it says "Insurance amount" and then the value of the car , I also notice it has a 1000 comp deductabel and a 1000 collision deductable .it also say page 1 of 2

Go to the next page this one now says Antique auto policy

and states Agreed Value coverage and has the proper amounts

So I call Condon Skelly (my policy) and question why NO agreed value

She then say it is

I asked her to fax over to me where it says agreed value. She then points me to my policy and says its in there,So I read my policy front to back and it actually reads as a stated value/acv policy. I call her back and I question her on the page and paragraph that says amount of insurance means Agreed value, She then explains she is in the claims department and allthough she can find it now she knows as a fact its an agreed value policy. She speaks to a supervisor who then explains on the second page of the dec page there is an endorsment "NY160" witch is what actually means the entire policy is an agreed value policy

So now I am waiting for a copy of the "NY160" endorsement That could not be faxed or emailed to me they had to mail it out

Now I understand why folks with other then Agreed Value Coverage cant get a straight answer from the insurance company

As of now I feel my 62 does not have agreed value coverage on it, I told them I will wait till I get a copy of the "NY160" and if it definatively does not state its Agreed Value coverage I will be getting a new policy with Hagerty

Does anybody have a copy or know what the endorsement is ?

I pulled out all of the other policies from previous years and they all stated agreed value

Wish me Luck

PS

You should all be checking your policies incase they changed the verbage on your policy

the Haggerty policies have it very clearly staed with a dollar value shown....

 

[Wilkinshc]

IH2LOSE,

If you go to their website it states they have "agreed value coverage". The website also explains state value vs agreed value, I don't think they would go that far and not offer agreed value. In most states the insurance company has to draft their forms according to the states laws. In other words the wording has to conform to the states regulations. I have no doubt that you have agreed value if you were told so. Insurance policies have endorsement to add or take away coverage. Your state prabalby has a format that the company needed to follow.

I think you will be fine.

Chuck

 

[IH2LOSE]

IH2LOSE,

If you go to their website it states they have "agreed value coverage". The website also explains state value vs agreed value, I don't think they would go that far and not offer agreed value. In most states the insurance company has to draft their forms according to the states laws. In other words the wording has to conform to the states regulations. I have no doubt that you have agreed value if you were told so. Insurance policies have endorsement to add or take away coverage. Your state prabalby has a format that the company needed to follow.

I think you will be fine.

Chuck

You know had all 3 cars on the policy had the same excact wording, maybee I would have had more confidance in her saying the endoursement is the answer.

I also read there website and it explains agreed value coverage on the specialty policy , but what ever is on my DEC page would be what my contract is regaurdless of what they say or advertize.

I am waiting on a copy of the endoursement

 

[Wilkinshc]

You know had all 3 cars on the policy had the same excact wording, maybee I would have had more confidance in her saying the endoursement is the answer.

I also read there website and it explains agreed value coverage on the specialty policy , but what ever is on my DEC page would be what my contract is regaurdless of what they say or advertize.

I am waiting on a copy of the endoursement

I agree and it's a piece of mind seeing it in black and white. Until you get your endorsement you can feel a little more at ease knowing that the court system knows that your policy it is a one sided contract and will always give you the benefit of a doubt because it is. The fact that the supervisor told you that you have agree value would make the company responsible to provide that coverage. I would make sure you get that person name. The courts consider that apparent authority.

I agree that having it in black & white will provide you with the best assurance. Most companies send out all endorsement the first time your policy is mailed to you but on renewal they normally send just a dec sheet with a list of your endorsements and any endorsements that have changed. You can request a copy of all endorsements that apply to your policy and if your going to read thru them you might want to that. As I stated earlier some endorsement will exclude some coverage so you might want to read up on those also.

I am an insurance agent and have dealt with this before.

Most people don't even look at the policies. I try to cover most the ins and outs of the policy but I always tell them to read their policy when they get it. And sometimes you can read it and still not understand it, as you almost have to be an attorney to understand it. Just the way you have to do business today. I always recommend a yearly review of your coverage just to remind you of what you have and don't have, to see if any changes are need, and review discounts as companies are changing coverages and discounts from time to time.


Hope that helps
Chuck

 

[Ron Miller]

You might want to get Haggerty to send you a copy of their policy before you switch as well. You might be surprised to see what it does and doesn't say also. I got a copy a short time back when considering changing, and a lot of the things folks assume is there isn't, and some things they assume is not there, is!! Surprising what the actual policy says versus what folks assume it says or what the agent told them.

 

[65vettish]

Condon and Skelly is an insurance agent who has most likely been granted some level of underwriting and claims settlement authority from the insurer they represent, Metlife Auto. According to their Web site, their specialty is insuring antique and other unique automobiles. They reference Agreed Value on their Web site and give a brief explanation of its advantages over ACV (actual cash value) and Stated Amount. While the policy you've purchased may be an Agreed Value policy, you won't know for sure until you review your policy forms and endorsements in their entirety. The onus is on you to read your policy and many agents will post that notice on the policy declarations page or in correspondence that accompanies your insurance policy.

Endorsements change the basic policy provisions. They may give back or take away coverage. You were right to request the NY 160 endorsement. I don't understand why they couldn't fax or email a copy of the endorsement to you so that you could have immediate access to it. The form is on file with the state department of insurance and is public record. I suggest calling them again and ask to speak w/ an agent, preferably one that has underwriting authority for this program, rather than a claims adjuster.

 

[Wilkinshc]

I don't understand why they couldn't fax or email a copy of the endorsement to you so that you could have immediate access to it. The form is on file with the state department of insurance and is public record. I suggest calling them again and ask to speak w/ an agent, preferably one that has underwriting authority for this program, rather than a claims adjuster.

Contacting the state insurance department and trying to get a copy would probably take longer to get a copy.

I once called the Insurance Department and talked to the Insurance Commissioner and was complaining about how they approved using your credit history as a way to compute your insurance premium. He ask what company I was with and I told him. He then told me that my company does not use credit history to compute insurance rates. I told him I was an agent for the company and I knew they had just started doing it. He had no idea and asked if I could give him some proof. I told him that I could not give an company documents or I would be in volation of my contract. Luckily later that day I recieved my personal renewal statements and inside it had the notice that they were considering my credit history. I then called him back and faxed it to him. He later called me back and was amazed they were doing it. I was amazed he did not know because the insurance commissioner had to sign off on it. AMAZING They still do you credit as 99% do. I personally think its crap.

Sorry for getting side track but the other comment I wanted to make is that maybe the agent does not have copies of the endorsement. As with my company the dec. sheet are sent straight to the insured. When you start a policy dec sheets and all endorsements are sent out but on renewals only the dec is sent and only endorsements that have changed are sent. Businesses are just trying to cut cost by not sending endorsements that you already have. When you have millions in customers it adds up fast.

IH2LOSE,

Not that I have seen you complaining but if you really need it quickly you could ask the agent to call the company and have the company fax it to you also. They should be able.

Chuck

 

[IH2LOSE]

No I can wait

Should get it anyday.

 

[JohnZ]

Many agreed value collector policies are structured as a standard auto policy form, modified by a collector endorsement; I'm sure you're OK.